Internal audit services

The standards are principles on which practice of internal auditing is based. They are part of IPPF and applicable to every environment and organization. Whether services are in-sourced or outsourced, these standards must be understood and appropriately applied by the internal audit professionals.

An internal audit is examining the inventory of trim store in F & M Company by doing certain tests and samplings. They extracted some points for the analysis which are:

Farzan Enterprises is an FMCG company. Their board consists of 4 members whereas they also have quite a few experienced senior management staff. The company finally agreed to hire A. S. Sharif & Co. (an internal audit firm). Who will decide the nature of work related to assurance and consulting services?

Internal auditor job is to express an opinion on the already designed and functioned internal controls system of the organization. They cannot design or implement systems by themselves. It will impair their objectivity. System’s implementation is management’s responsibility.